ASEAN+3 region predicted to grow 6.7 percent this year
The ASEAN+3 Macroeconomic Research Office (AMRO) forecast the ASEAN+3 region will expand by 6.7 percent this year and 4.9 percent in 2022, after contracting marginally by 0.2 percent in 2020.
The ASEAN+3 Macroeconomic Research Office (AMRO) forecast the ASEAN+3 region will expand by 6.7 percent this year and 4.9 percent in 2022 (Photo: Reuters)
Singapore (VNA) – The ASEAN+3Macroeconomic Research Office (AMRO) forecast the ASEAN+3 region will expand by6.7 percent this year and 4.9 percent in 2022, after contracting marginally by0.2 percent in 2020.
The region is comprised of the 10 ASEAN membercountries and China, Japan, and the Republic of Korea.
In its annual flagship report, the ASEAN+3Regional Economic Outlook, released on March 31, AMRO said on a regional basis,aggregate Plus-3 growth in 2021 is estimated to rise to 7.2 percent, while theASEAN subregion is anticipated to expand by 4.9 percent.
Myanmar is predicted to be the only nation torecord economic contraction of 2.6 percent while China the fastest growth, 8.7percent.
The report said the turnaround in manufacturing andexports, alongside supportive economic policies, are expected to driveexpansion. The eventual widespread distribution of vaccines will furthernormalise economic activity and improve labour market conditions. The gradualreturn of travel and tourism will benefit most economies, especially Cambodia,Japan, Singapore, and Thailand.
The ASEAN+3 region, which is home to 30 percent ofthe world’s population, collectively accounts for only 3 percent of the totalnumber of confirmed COVID-19 cases globally.
However, until herd immunity is achieved throughwidespread vaccinations, localised containment of the virus may continue to benecessary, according to AMRO.
The office added a silver lining in the pandemiccloud is that it has inadvertently become a springboard for digitalisation inthe ASEAN+3 region. As users become ever more comfortable with newtechnologies, the “flight to digital” will be a key factor in strengtheningsupply chains and facilitating global trade.
Consequently, the region has a tremendousopportunity to upgrade and fortify its role in global value chains, andchampion not only greater openness but also strengthen its competitiveness inthe Fourth Industrial Revolution.
Full deployment of new technologies will requireboth hard and soft infrastructures to be in place, which calls for strongbilateral and multilateral cooperation, the report noted./.
Vietnam and ASEAN countries need to adopt green manufacturing technologies to make sustainable new products and services, heard a recent international conference in southern Binh Duong province.
A kick-off meeting on the development of roadmap to implement the Hanoi Declaration on strengthening social work towards cohesive and responsive ASEAN Community took place in Hanoi on March 25.
ASEAN Member States have committed to improving transport in the region in the context of the COVID-19 pandemic continuing to seriously affect this sector.
The Fourth Industrial Revolution (Industry 4.0) has been strongly affecting every field and subsequently promoting digital transformation, and ASEAN countries have therefore been working hard to adopt smart production.
Promoting the role of regional organisations in settling disputes is one of the three priorities that Vietnam has set for the month it serves as chairman of the UN Security Council (UNSC) in April, said Director of the Ministry of Foreign Affairs’ Department of International Organisations Do Hung Viet.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The ASEAN+3 Macroeconomic Research Office (AMRO) forecast the ASEAN+3 region will expand by 6.7 percent this year and 4.9 percent in 2022 (Photo: Reuters) 
